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The pace of foreclosure activity slowed for the third straight month last month.  According to RealtyTrac.com, foreclosures are down 3 percent from September.

Slowing foreclosure activity is big news for the housing market, but the big-ger news is buried in the stats.

1. Foreclosure activity fell in 9 of the top 10 foreclosure states nationwide
2. Defaults in Nevada -- long the Foreclosure Capital of the County -- plunged 10% from last October
3. Job-ravaged Ohio's foreclosures are down 4 percent from last October

Overall, this month's foreclosure report is another positive signal in the housing market.  Recovery is underway.

For homebuyers looking at foreclosed homes, though, the window for "a deal" may be closing.  Since foreclosures became "big business" toward the end of 2008, real estate firms found ways to make buying a foreclosed home faster and cheaper.

It's no surprise that distressed properties now account for nearly 1/3 of home resales.

Especially because foreclosure data is now free 24/7.

If you're considering a foreclosed home, check out these 3 websites.  They're among the biggest of the foreclosure-tracking companies and each offers a free, 7-day pass.  That's usually enough to get you on the right path so you know what to tell your real estate agent.

1. RealtyTrac (free 7-day access)
2. Foreclosure.com (free 7-day access)
3. HUDForeclosed.com (free 7-day access)

You may want to register with all 3 because each site uses slightly different foreclosure sources.

The number of foreclosures are slowing, but, for now, the buying opportunities are still out there. Search online and see what you find. Then, when you're ready for your pre-approval letter, call or . I'm experienced with bank-owned homes and I'm as comfortable with first-time buyers as I am with investors owning more than 4 properties.

Plus, my rates are really good.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.